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Nov 29, 2012
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he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve, thank you. >>> when jeff kilburg is not fired up about the irish he is fired up about what mr. dudley said today. why? >> absolutely. he came out with very dovish comments. he lass a permanent vote and he is quite the confidant of ben bernanke. so he flat-out gave a wink-wink, there's something big coming in less than two weeks. >> he's been a dove for a long time though. no change but just to hear it articulated gives you some sense of -- >> it does. this could be a one-two punch. if the fomc comes out with additional measures, subsequent week later, all of a sudden they have the fiscal cliff resolution, bam, we c
he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve,...
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Dec 5, 2012
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will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> welcome back. this very public negotiation on the fiscal cliff still does not seem to be closing in on a deal. the white house out in campaign style events regularly, making multiple media appearances, kle including timothy geithner right here in 25 minutes. >> but would things be done faster if it was done privately? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from
will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a...
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Dec 3, 2012
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cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to block the deal because they want to extend tax cuts. we can't afford for the wealthiest 2% of americans. >> reporter: john boehner dug in. no rate rises on anyone. >> the president's idea of a negotiation is roll over and do what i ask. >> reporter: the opening bid brought the gop leaders by geithner is a nonstarter. >> i was flabbergasted. i looked at him and said, you can't be serious. >> reporter: included in the offer, $1.6 trillion in new revenue, twice what was on the table in last year's failed grand bargain, and $
cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to...
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Dec 5, 2012
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go over the cliff so that tax rates reset and we can get on a bitter fiscal trajectory, and -- and -- they can quickly, as nicole mentioned, reverse some worse effects of that. and in that sense, we've gone over it, but briefly. i'm not for it but that is a resolution that would really use the leverage, the dynamics that are in play right now to finally get us on a more sustainable fiscal path. >> it's not juvenile hall, it is just detention. you eventually get out. jared and nicole, thank you very much. >>> meantime, more than 100 major companies have now announced either special dividends or move their dividends up from next year to this year. it is all being done ahead of fear of potential higher taxes on capital gains. while shareholders may be happy, there are likely to be some very unintended consequences. robert frank is here. what are said unintended consequences? >> there are unintended consequences. basically i'm going to call it the great income shift. basically it could leave state and federal governments with huge budget holes and another big defense dit problicit probl.
go over the cliff so that tax rates reset and we can get on a bitter fiscal trajectory, and -- and -- they can quickly, as nicole mentioned, reverse some worse effects of that. and in that sense, we've gone over it, but briefly. i'm not for it but that is a resolution that would really use the leverage, the dynamics that are in play right now to finally get us on a more sustainable fiscal path. >> it's not juvenile hall, it is just detention. you eventually get out. jared and nicole,...
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Dec 7, 2012
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cliff. instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> mr. speaker, you did speak with the president earlier this week. can you characterize that call? did he have any kind of counteroffer? also, we understand that he just is making clear that it is -- got to be increase in rates for the wealthy or no deal. are you willing to give a little bit, maybe just not all the way to 39.6? >> it was the -- the phone call was pleasant. but it was just more of the same. the conver
cliff. instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both...
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Dec 6, 2012
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and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities alleging the bank failed to recognize $12 billion in unrealized losses at the height of the financial crisis. they claim improper accounting on the part of the deutsche bank enabled the lender to exaggerate its capital position. and citigroup plans to shed 11,000 jobs around the world which equals around 4% of its workforce. some experts say this is part of a strategy led by their new coe who took job in october, however others say it has the finger prints of chairman michael o'neal. citi shares reacted positively to the news, though the stockstill trading at around 70% of its tangible book value. you can
and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities...
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Nov 29, 2012
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if not, don't adjust your entire investment philosophy just because of the fiscal cliff. >> craig, you're the patient value investor. are you standing aside, waiting for this to resolve itself? >> you know, we use the volatility, the fiscal cliff to buy great businesses that are on sale. you know, the fact remains that the stocks are extremely underowned like i've never seen. i saw the other day, in 2006 pensions and endowments had about 60% of their enveinvestme in equities. that's down to under 35% in most cases. you also had four years of the much yul fund li mutual fund liquidations. i don't think the market is at great risk here. stay with domestic companies. stay with companies that have real high barriers of entry that are kpacheap. if you get caught up in the day to day news flow, you can get whipped in and out. the fiscal cliff will be resolved, whether it's two weeks or a month and a half. the market will move around, but long term it looks good. >> the question s how will it be resolved? jeff cox, already we are seeing a movement on the part of investors to say, if i'm sitting
if not, don't adjust your entire investment philosophy just because of the fiscal cliff. >> craig, you're the patient value investor. are you standing aside, waiting for this to resolve itself? >> you know, we use the volatility, the fiscal cliff to buy great businesses that are on sale. you know, the fact remains that the stocks are extremely underowned like i've never seen. i saw the other day, in 2006 pensions and endowments had about 60% of their enveinvestme in equities. that's...
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Nov 29, 2012
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lost it's favored credit rating. they say the economy's actually expanding, but they're still really worried about, you know, the fiscal cliff. >>> and now our fourth story "outfront" for the second day in a row, susan rice met with republican senators, some of whom obviously have harshly criticized her for ther handlin of the attack in benghazi. the moderate susan collins spoke to us. >> i continue to be troubled by the fact that the u.n. ambassador decided to play what was essentially a political role at the height of a contentious presidential election campaign. >> yet the president continues to stand by susan rice. >> susan rice is extraordinary. couldn't be prouder of the job that she's done at the u.n. >> all right, tim, when you hear senator collins, you know, she is influential, she is moderate, come out and say look, i'm not satisfied, sort of turning her back on susan rice, she had the moment in front of the microphone to endorse, she did not. should the administration cut its losses and say this might not
lost it's favored credit rating. they say the economy's actually expanding, but they're still really worried about, you know, the fiscal cliff. >>> and now our fourth story "outfront" for the second day in a row, susan rice met with republican senators, some of whom obviously have harshly criticized her for ther handlin of the attack in benghazi. the moderate susan collins spoke to us. >> i continue to be troubled by the fact that the u.n. ambassador decided to play...
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Dec 7, 2012
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>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who diagnosed you with a severe ill sxns won't sign the precipitation to give you the medicine. they emphasize the joblessness problem, and they don't want to give you unemployment insurance and tell that to someone laid off sleeping in their car. >> with these jobs numbers, had hurricane sandy not struck how better would this report have been? >> a lot of this was construction job weakness. clearly, that will rebound. one of the unfortunate upsides of natural disaster is that you do, whether the states or federal governments do it or insurance companies, you have a lot of infrastructure spending as people rebuild from t
>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who...
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Dec 6, 2012
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cliff budget negotiations that as of this hour are still focused entirely on income tax rates. there is much more that congress has to solve than income tax rates including the amt, medicare spending, medicaid, and possibly social security. joining me to talk about the things that congress is not yet talking about but will soon be talking about, joeyç reed and chris hayes. chris, the amt has a deadline to it that is sharper than anything else in here, because these 2012 tax returns going to have to be calculated with either this new version of the amt or the fixed version, and that is the difference between it affects -- it adds tens of millions of people getting bitten by this thing. i know that the insiders are more worried about that actually getting fixed than the cliff at this point. >> yeah. when i started covering capitol hill in washington, there were two things that people talked about, which was the amt patch and the dock fix. everyone is like where are we on the amt fix. they adjust the payments and do this thing with the amt. we were asking early on, is there a wa
cliff budget negotiations that as of this hour are still focused entirely on income tax rates. there is much more that congress has to solve than income tax rates including the amt, medicare spending, medicaid, and possibly social security. joining me to talk about the things that congress is not yet talking about but will soon be talking about, joeyç reed and chris hayes. chris, the amt has a deadline to it that is sharper than anything else in here, because these 2012 tax returns going to...
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Nov 30, 2012
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the republican nightmare is there is a stand off they go over the fiscal cliff, after all the tax rates go up and the president, of course, proposals to lowerren's -- lower everyone's taxes but the highest and if the republicans resist he will say the republicans are talking you from getting a middle-class tax cuts because they want to recollect their millionaire friends. if republicans are going to agree to higher tax rates for the highest bracket, do it quickly, and, then, president obama would be the one who is refusing it because he is throwing in all sorts of extra things like total executive branch control of the debt limit. >>neil: who came up with the $50 billion in new surplus spending in the middle of this? come on! >>guest: the question, it is an interesting offer, kind of an office that the president gave yesterday which was call it disrespectful, a disrespectful offer and the question is, are republicans going to take it personally and get mad about it? or will they say, well, this is the early stage. we are standing around and snorting and we will get down to serious stuff
the republican nightmare is there is a stand off they go over the fiscal cliff, after all the tax rates go up and the president, of course, proposals to lowerren's -- lower everyone's taxes but the highest and if the republicans resist he will say the republicans are talking you from getting a middle-class tax cuts because they want to recollect their millionaire friends. if republicans are going to agree to higher tax rates for the highest bracket, do it quickly, and, then, president obama...
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Nov 30, 2012
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insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be
insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats...
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Dec 3, 2012
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with the fiscal cliff and tax rates rising, in november public companies borrowed reported amounts in the bond market in part to help finance shareholder payouts. so, how much in bonds was sold last month? find out next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let'
with the fiscal cliff and tax rates rising, in november public companies borrowed reported amounts in the bond market in part to help finance shareholder payouts. so, how much in bonds was sold last month? find out next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game...
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Dec 6, 2012
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cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. all americans get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom line, anderson, we're talking today but still at stalemate. >> yeah, i mean, it's a sign, jessica and dana, of just how lack -- how little progress there's been that a phone call is big news between these two. dana, we're hearing hints of some move between republicans, coburn, olympia snowe, how significant is it? >> reporter: it's significant for a couple reasons. you're right, three republicans in different ways suggested they would be okay with what most republicans are saying, that they're not okay with, which is raising tax rates for the wealthiest. tom is the most conservative, in general, not
cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. all americans get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom line, anderson, we're talking today...
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it is because of the fiscal cliff, not because of the fiscal cliff, the fiscal clip could be play no role in this whatsoever. move on. fory's 30 mortgage rate rising to 3.34% and senator jim demint beating the senate to lead the heritage foundation. back in a moment. i ed to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares bylackrock. call 1-800-ishes for a prosctus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. every human being is unique. and there is one store that recognizes it. the sleep nuer store. the only place in the world you'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. temperature-balancing bedding. dual warmth comforter
it is because of the fiscal cliff, not because of the fiscal cliff, the fiscal clip could be play no role in this whatsoever. move on. fory's 30 mortgage rate rising to 3.34% and senator jim demint beating the senate to lead the heritage foundation. back in a moment. i ed to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their...
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Dec 4, 2012
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the president took to twitter today to answer questions about the fiscal cliff. one person asked whether deductions for homeowners are at risk to which the president responded, breaks for middle class important for families and economy. if top rates don't go up, danger that middle class deductions get hit. signed "bo." yesterday house speaker john boehner said this on fox news. >> listen, nobody want to go over the cliff. that's why the day after the election i tried to speed this process up by making a concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. you know, the president's idea of a negotiation is, roll over and do what i ask. >> and on "meet the press" yesterday grover tried to change america's mind about who to blame if we do go off the cliff. >> tea party 2 is going to dwarf tea party one if obama pushes us off the cliff. let's not pretend who's pushing us off the cliff. >> but continuing to insist that the president does have the better argument. >> at the end of the day, preside
the president took to twitter today to answer questions about the fiscal cliff. one person asked whether deductions for homeowners are at risk to which the president responded, breaks for middle class important for families and economy. if top rates don't go up, danger that middle class deductions get hit. signed "bo." yesterday house speaker john boehner said this on fox news. >> listen, nobody want to go over the cliff. that's why the day after the election i tried to speed...
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Dec 2, 2012
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there's not -- >> you'll go off the fiscal cliff if the republicans say, sorry, no way are we going to raise rates for the -- on the wealthy. you guys are willing to go off -- >> if republicans are not willing to let rates go back up and we think they should go back to the clinton levels, the time when the american economy was doing exceptionally well, there will not be an agreement. >> you would be willing to let that happen? >> let me explain why. if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then that's a choice they're going to have to make, but they'll own the responsibility. >> but it is kind of a choice the country will have to pay for, correct? is there some pontiac for you all. you would let that happen. fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthie
there's not -- >> you'll go off the fiscal cliff if the republicans say, sorry, no way are we going to raise rates for the -- on the wealthy. you guys are willing to go off -- >> if republicans are not willing to let rates go back up and we think they should go back to the clinton levels, the time when the american economy was doing exceptionally well, there will not be an agreement. >> you would be willing to let that happen? >> let me explain why. if they are going to...
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Dec 6, 2012
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. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff in. >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. it's only 2%. >> i want to bring in "usa today" bureau chief and welcome to both of you. where are we in these negotiations, susan? >> i think the most encouraging thing was they agreed to the to characterize the phone call. the last time around the characterization of the phone call became a controversy in itself. i think it's pretty clear that the white house and republicans think the white house hand on this is strengthening. we see the polls that you mention, pew polls this week say americans trust the president more, assume if a deal is not reached -- trust the white house more, think if a deal isn't reached it, will be the fault of republicans and it is in fact easier for democrats to go over the fiscal cliff than it is for republicans because then all those tax cuts from the republicans are swept away. but it's too early. it's only december 6. we've
. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff in. >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. it's only 2%. >> i want to bring in "usa today" bureau chief and welcome to both of you. where are we in these negotiations, susan? >> i think the most encouraging thing was they agreed to the to characterize the phone call. the last...
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Dec 6, 2012
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cliff unless the republicans accept higher tax rates on the healthy. and the southern philippines struggled to recover from a typhoon that killed nearly 300 people. and what does a day in the life of public buses, trains and subways look like? the answer is part of our science roundup online. hari sreenivasan has the details. >> sreenivasan: the image resembles a lite-bright time lapse. find those pictures and our conversation with a software developer who set out to sualize the 24-hour cycle of urban public transit systems. that's on our homepage. an international telecommunications conference in dubai aims to set new rules for the internet. what's at stake? we take a look in the rundown. and on making sense, economics correspondent paul solman argues both sides of the capital gains tax debate. all that and more is on our website newshour.pbs.org. judy? >> woodruff: and that's the "newshour" for tonight. i'm judy woodruff. >> ifill: and i'm gwen ifill. we'll see you online and again here tomorrow evening. thank you and good night. major funding for th
cliff unless the republicans accept higher tax rates on the healthy. and the southern philippines struggled to recover from a typhoon that killed nearly 300 people. and what does a day in the life of public buses, trains and subways look like? the answer is part of our science roundup online. hari sreenivasan has the details. >> sreenivasan: the image resembles a lite-bright time lapse. find those pictures and our conversation with a software developer who set out to sualize the 24-hour...
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Dec 4, 2012
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the fiscal cliff. two former governors will offer their perspective. plus, more on what bank of america's brian moynihan told becky this morning. more "squawk on the street" in just a moment. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. offering some of our best values of the year. i have obligations. cute tobligations, but obligations.g. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your
the fiscal cliff. two former governors will offer their perspective. plus, more on what bank of america's brian moynihan told becky this morning. more "squawk on the street" in just a moment. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your...
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Dec 2, 2012
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to leave us at some point, i guess, after this fiscal cliff thing is cleared up in some form. when you look back over your four years here, when you look back at the stimulus plans, $7 trillion plus, where we are right now in the economy, economic recovery, is this honestly where you thought you would be when you started out trying to physician the economy you got? >> i think we're in a much stronger position today as a country than we were in 2007 in a way when the president came to office. >> i just wonder if you think looking forward that this was where you thought we would be. did you think we would be better off? >> to me i think we're in a much better position than actually i thought was realistic, and in those darkest days of this financial crisis, when there was a real risk of catastrophic collapse, and i think all americans would be much more confident today than any time in the last four or five, six years that we have a better foundation for broad-based growth. i'm proud of being part of that. even with although challenges that we've had. >> mr. secretary, thank you
to leave us at some point, i guess, after this fiscal cliff thing is cleared up in some form. when you look back over your four years here, when you look back at the stimulus plans, $7 trillion plus, where we are right now in the economy, economic recovery, is this honestly where you thought you would be when you started out trying to physician the economy you got? >> i think we're in a much stronger position today as a country than we were in 2007 in a way when the president came to...
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we are going over the fiscal cliff, that's my take. the administration is not budging. the only way they will even come to the table to negotiate is with the top earners paying higher tax rates, not just more in taxes, higher tax rates. but for some reason it must be higher rates, period. that's it. end of story. not because it is going to move the needle and fix our out of control debt, because it won't, not because it will put america on a fiscal sustainable path, because it won't. that is where the president has drawn his line in the sand. meanwhile, the president is now proposing a form of kicking the can down the road. raising taxes now with a promise to deal with entitlement reform and tax reform next year or beyond. that's the real worrisome proposal. here we are at the center of probably the most important fiscal conversation this country has had in decades. no one thinks we can continue on this spending path we are on without a day of reckoning coming sooner or later. why would we not seize the
we are going over the fiscal cliff, that's my take. the administration is not budging. the only way they will even come to the table to negotiate is with the top earners paying higher tax rates, not just more in taxes, higher tax rates. but for some reason it must be higher rates, period. that's it. end of story. not because it is going to move the needle and fix our out of control debt, because it won't, not because it will put america on a fiscal sustainable path, because it won't. that is...
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they're clearly neither shaken nor stirred by the fiscal cliff. joining us is congresswoman jan chakowski from illinois. >> good afternoon. >> can i thank you for remaining at work given the urgency of the situation. speaker boehner says raising tax rates on the top 2% is unacceptable without serious entitlement reform. and a few hours ago nancy pelosi wondered what exactly he had in mind. take a listen. >> what are we talking about here? what are we talking about when we say restructure entitlements? what does restructure mean? destroy, wither on the vine, voucherize, or does it mean let's work together to make these stronger? >> now, given that speaker boehner doesn't tell us anything, are you able to give us any specific examples of what democrats may be prepared to concede in terms of earned entitlements? >> well, i am not willing to say that we cut benefits at all because we can, in fact, make medicare more cost-effective and bring down health care costs without cutting benefits. we did that, and the republicans hit us over the head with it.
they're clearly neither shaken nor stirred by the fiscal cliff. joining us is congresswoman jan chakowski from illinois. >> good afternoon. >> can i thank you for remaining at work given the urgency of the situation. speaker boehner says raising tax rates on the top 2% is unacceptable without serious entitlement reform. and a few hours ago nancy pelosi wondered what exactly he had in mind. take a listen. >> what are we talking about here? what are we talking about when we say...
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cliff and also because the marginal tax rates are going to automatically increase, which means any lower tax rates president obama will ask for is tax cuts and not an argument you are raising taxes on someone. for all those reasons, the democrats have a lot of leverage in january but that does not mean the democrats should wait till january, what happens after december 31st is everybody can lose. the kind of pressure we have psychologically and politically right now to get a deal done before we hit 2013, that kind of pressure and deadline pressure and momentum you're not going to have after you're over the fiscal cliff. so every day that goes by after january 1st isn't going to look like that big of a deal and essentially, time will run out for both parties, you will have a lot of problems in 2013, they will take the lion's share away from fiscal dealmaking, senate confirmation, have the debt ceiling, the long-delayed nuclear negotiableses with iran, going to have posturing for the 2014 campaigns. all of those things are going to suck out the moment up that we have right now. so, yes, de
cliff and also because the marginal tax rates are going to automatically increase, which means any lower tax rates president obama will ask for is tax cuts and not an argument you are raising taxes on someone. for all those reasons, the democrats have a lot of leverage in january but that does not mean the democrats should wait till january, what happens after december 31st is everybody can lose. the kind of pressure we have psychologically and politically right now to get a deal done before we...
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cliff? >> i think it will. we have said for some time that businesses have pushed productivity as far as they can. if we continue at a modest, 2.5% growth rate, that will be enough that businesses will be forced to higher at a faster pace. >> tom: but we're not hearing a lot of confidence coming from the business community. we're seeing it in housing and automotive sales, but in terms of hiring, it is languishing. why do you think that difference exists? >> i think business is looking ahead. there is a real dichotomy, as you mentioned, between businesses and costumers. businesses are looking ahead, and they're thinking with increased taxes, because of the fiscal cliff, if the worst happens, consumer demand is just going to fall off. they are already taking action today to try to prepare for that eventuality. but the consumer is kind of blankly ignoring this, and confidence is up for really lots of reasons. i mean, the net worth of households has been repaired. about two-thirds of it has come
cliff? >> i think it will. we have said for some time that businesses have pushed productivity as far as they can. if we continue at a modest, 2.5% growth rate, that will be enough that businesses will be forced to higher at a faster pace. >> tom: but we're not hearing a lot of confidence coming from the business community. we're seeing it in housing and automotive sales, but in terms of hiring, it is languishing. why do you think that difference exists? >> i think business is...
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one of the things in the fiscal cliff is going back to the clinton era tax rates for everybody. now, i know there's sequestration and payroll tax. there's a lot of other things in there, but we did okay with those tax rates. why did we just assume there'd be a recession. >> let me mention a couple of things from the 1990s that are very different from today. first, there was a lot. there was an implicit deal that when clinton raised tax rates, the federal reserve would accommodate that with lower interest rates. you're not going to get that today. we're already basically at zero. there's very little for the feds to do. secondly if you go back to the 1990s, you may recall we had this thing called the internet bubble. that's a big driver. >> no, no. that's a republican's favorite answer. it wasn't clinton. it with us the bubble. >> we -- well, we did have a bubble. i mean that was a big thing. it drove in a lot of revenue. and if you recall clinton's last year in office, the bubble was starting to collapse. >> we had a pretty good housing market, too, i think. >> absolutely. >> and
one of the things in the fiscal cliff is going back to the clinton era tax rates for everybody. now, i know there's sequestration and payroll tax. there's a lot of other things in there, but we did okay with those tax rates. why did we just assume there'd be a recession. >> let me mention a couple of things from the 1990s that are very different from today. first, there was a lot. there was an implicit deal that when clinton raised tax rates, the federal reserve would accommodate that...
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cliff, they really believe that republicans will get the blame. so that's why maybe they are sort of running out the clock a little bit making it harder for republicans to negotiate more at the end of the day. >> so just to make it clear, because the republican plan does not include a tax increase, a tax increase on the wealthy, the president isn't going to deal? he's not going to get on the phone with john boehner, he's not going to do anything? >> reporter: well, it's hard to imagine at some point that they are not going to get on the phone, that they are not going to have real negotiations. but right now, they are not. and so that's why the house republican leadership says they are just sending their members home. and they also say, the speaker didn't mention it here but one thing they want their members to do back in their districts is to try to galvanize the public's support for their position that the president is trying to do for his position as he campaigns on that. but you're exactly right and it's important to underscore this over and ov
cliff, they really believe that republicans will get the blame. so that's why maybe they are sort of running out the clock a little bit making it harder for republicans to negotiate more at the end of the day. >> so just to make it clear, because the republican plan does not include a tax increase, a tax increase on the wealthy, the president isn't going to deal? he's not going to get on the phone with john boehner, he's not going to do anything? >> reporter: well, it's hard to...
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. >> senator rubio weighing in on the fiscal cliff debate and the idea of raising tax rates for the wealthy saying we need to make poor people richer, not rich people poorer. soledad. >> that's the kind of thinking that will get you votes, right? >> all right. thanks, zoraida. >> new york city police could be close to charging a suspect in that fatal subway push. they say a man is now being questioned and has implicated himself in this case. a front page "new york post" photo has become the source of a lot of controversy. it shows the victim desperately trying to climb up from the tracks as the train approaches. this morning we're hearing that the photographer has said some things in his own defense. cnn's mary snow has more on this report. >> [ bleep ] alone. take your [ bleep ] over there. >> reporter: why exactly these men were fighting is unclear. but moments after this video obtained by the new york police was record 58-year-old ki-suck han whose face is obscured, was pushed on to the tracks, police say, by the man yelling at him. subway barreling through the station killed han with ho
. >> senator rubio weighing in on the fiscal cliff debate and the idea of raising tax rates for the wealthy saying we need to make poor people richer, not rich people poorer. soledad. >> that's the kind of thinking that will get you votes, right? >> all right. thanks, zoraida. >> new york city police could be close to charging a suspect in that fatal subway push. they say a man is now being questioned and has implicated himself in this case. a front page "new york...
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the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and millionaires. it's a sad state of affairs. >> one thing that we've seen in the days leading up, at least through this week, that there has been optimism from both sides expressed by speaker boehner, also by the president, and also republican tom cole, congre congressman, seem to be on board. now we have conservatives like charles krauthammer putting out their pieces saying let's go over the fiscal cliff, let the president do this. then john cornyn, republican from texas, saying apparently the president wants us to go over the fiscal cliff. this is serious business, demanding higher taxes, more stimulus
the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and...
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. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we hav
. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are...
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>> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which they have done over the last couple years. so, you know, it appears by all measures that you have some time, but you never know because these things can change very rapidly. rates tend to go up higher a lot quicker than they come down. >> you've seen the commercial allied financial where they say the greatest economists in the world and a nobel laureate and do you know where interest rates are going in a year, and he says no. we should know what cd rates are going. >> i think they've done the best they can -- >> what is the maximum amount cd rates could fluctuate in the next 12 months? >> could fluctuate? >> a quarter pobet? >> a quarter point. >> where are they? >> 0.3. >> long term? i saw the ad, i saw a full-page ad in the detroit paper recently that a bank was bragging about their incredible interest rat
>> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which they have done over the last couple years. so, you know, it appears by all measures that you have some time, but you never know because these things can change very rapidly. rates tend to go up higher a lot...
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let's hope we don't go over that fiscal cliff. >> fingers crossed they will reach a compromise. i don't think there's anyone out there that wants to see us go over that fiscal cliff. >> that would be bad. but the clock is ticking. only a few weeks left. >>> the biggest problem between the united states and mexico and how to solve it. i'll speak with mexico's new president. my exclusive interview is just ahead. this line is a convenienc. how you doing today? i'm good thanks. how are you? i'm good. [ gordon ] but for others, it's all they can afford. every day nearly nine million older americans don't have enough to eat. anything else? no, not today. join me, aarp, and aarp foundation in the drive to end hunger by visiting drivetoendhunger.org. i tell them dentures are very different to real teeth. they're about 10 times softer and may have surface pores where bacteria can grow and multiply. polident is specifically designed to clean dentures daily. its unique micro-clean formula kills 99.9% of odor causing bacteria and helps dissolve stains, cleaning in a better way than brushing
let's hope we don't go over that fiscal cliff. >> fingers crossed they will reach a compromise. i don't think there's anyone out there that wants to see us go over that fiscal cliff. >> that would be bad. but the clock is ticking. only a few weeks left. >>> the biggest problem between the united states and mexico and how to solve it. i'll speak with mexico's new president. my exclusive interview is just ahead. this line is a convenienc. how you doing today? i'm good thanks....
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and house speaker john maynard discuss and the fiscal cliff and president barack obama suppresses his case today for a tax hike to help reduce the deficit. we are not insisting on rates just out of spite or any kind of partisan victory but rather because we need to raise a certain amount of revenue. >> and he made that pitch to several wealthy ceos he wants to raise taxes on the top 2 percent of income earners and he believes this will help raise the government's 16 trillion dollar debt coupled with spending cuts but the republican controlled house says the president has not responded to their latest proposal. >> i think we made a good-faith offer to avert the fiscal crisis and that offer included significant spending cuts and reforms and it included additional revenue and frankly it was the balanced approach mr. president has been asking for. erick kanter announced today there will be no adjournment into a credible solution to the fiscal cliff is found. >> house lawmakers proposed a bill today they claim will bring the costs under control and provide a safe retirement, it creates two
and house speaker john maynard discuss and the fiscal cliff and president barack obama suppresses his case today for a tax hike to help reduce the deficit. we are not insisting on rates just out of spite or any kind of partisan victory but rather because we need to raise a certain amount of revenue. >> and he made that pitch to several wealthy ceos he wants to raise taxes on the top 2 percent of income earners and he believes this will help raise the government's 16 trillion dollar debt...
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rate at nearly 52%. >>> forbes is out with the 2012 most powerful people list. president obama held on to the top spot for a second year. the pope climbed two notches from last year. he is in fifth place. facebook's ceo mark zuckerburg went to number 25. former president clinton held on to number 50. and tonight be sure to watch brian williams sit down with tim cook. by the way, he's number 35 on the forbes list. >> finally, no, this is no joke. pizza hut in canada sent more than 100 bottles of pizza cented perfume to facebook fans. the fragrance boasts freshly baked hand tossed dough. >>> some optimistic news in the fight against breast cancer. women who took the common estrogen blocking drug tamoxofin cut the chance of getting breast cancer in half. >>> coming up, corey booker lives on food stamps. the nfl steps in with a million dollars for jovan belcher's orphan daughter and high resolution images of your planet earth from space. the new technology uses filtering techniques that allows the images such as city lights, gas flares, auroras, wildfires and reflec
rate at nearly 52%. >>> forbes is out with the 2012 most powerful people list. president obama held on to the top spot for a second year. the pope climbed two notches from last year. he is in fifth place. facebook's ceo mark zuckerburg went to number 25. former president clinton held on to number 50. and tonight be sure to watch brian williams sit down with tim cook. by the way, he's number 35 on the forbes list. >> finally, no, this is no joke. pizza hut in canada sent more than...
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. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to around 2, 3 feet, but that is high elevation. but for the eastern seaboard, pretty quiet p. temperatures very mild this time of year. when you get into the center of the u.s., still fairly mild conditions. a bit cooler as you might imagine in spots up like towards the twin cities and even over towards chicago. but then out west, that's where the trouble really brews. it's that time of year that there's norm lay big area of high pressure that sets up off the west coast. that's gone and that allows all the pacific moisture to come through. high snow will be an issue. rain in seattle. so how is i
. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some...
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. >> of course all of this negotiation around the fiscal cliff, the president actually indicated today that he might be president-electable. he says he's not necessarily looking for income tax rates as high as they were under president clinton. secretary geithner is going to meet with congressional leaders tomorrow. do you think they will demonstrating some wiggle room, as well? >> i personally don't think it's that big of a banner sign. if there was actually a movement toward a deal, i think you'd see president obama meeting with these leaders in congress as opposed to cabinet aids. i'm hearing democrats still pressing the case. they're still making the argument that they want to raise taxes on that small percentage of americans. the white house has not put forth any specifics. depending how the president secretary goes, there is miles of space in between the two sides on this one. >> all right. one of my favorite reporters juana summers with politico. thank you for joining us. >> up next, it has several layers. the story on the outside is far different than the inside. yes, as far as
. >> of course all of this negotiation around the fiscal cliff, the president actually indicated today that he might be president-electable. he says he's not necessarily looking for income tax rates as high as they were under president clinton. secretary geithner is going to meet with congressional leaders tomorrow. do you think they will demonstrating some wiggle room, as well? >> i personally don't think it's that big of a banner sign. if there was actually a movement toward a...